STI 31 Dec 12

STI closed at 3,163 for the year of 2012 after experiencing some profit taking today. The index made a new high of 3,195 yesterday (30 Dec 12) but was unable to hold and retraced back to my earlier resistance level of 3,160-3,168. I would expect the index to continue with consolidation for the coming week before making its new direction. Of course, the market will be awaiting for news pertaining to the fiscal cliff.


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